
\begin{table}[htbp]
\begin{center}
\begin{scriptsize}
\begin{tabular}{l D{.}{.}{4.5} D{.}{.}{4.5} D{.}{.}{4.5}}
\toprule
 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(2)} & \multicolumn{1}{c}{(3)} \\
\midrule
Losses Cycle$_{t-1}$                              & 0.64^{***}              & 0.64^{***}              & 0.62^{***}              \\
                                                  & (0.02)                  & (0.02)                  & (0.02)                  \\
GDP Output Gap$_{t-1}$                            & -0.01                   & -0.01                   & -0.01^{*}               \\
                                                  & (0.01)                  & (0.01)                  & (0.01)                  \\
Democracy$_{t-1}$                                 & -0.02                   & -0.02                   & -0.01                   \\
                                                  & (0.03)                  & (0.03)                  & (0.03)                  \\
Democracy$_{t-1}$ $\times$ GDP Output Gap$_{t-1}$ & -0.03^{***}             & -0.03^{***}             & -0.02^{**}              \\
                                                  & (0.01)                  & (0.01)                  & (0.01)                  \\
Corporatization$_{t-1}$                           &                         & -0.02                   & -0.05^{*}               \\
                                                  &                         & (0.02)                  & (0.03)                  \\
Independent regulatory agency$_{t-1}$             &                         & -0.02                   & -0.02                   \\
                                                  &                         & (0.03)                  & (0.03)                  \\
State Capacity$_{t-1}$                            &                         &                         & -0.12^{***}             \\
                                                  &                         &                         & (0.03)                  \\
Imports$_{t-1}$                                   &                         &                         & 0.00^{***}              \\
                                                  &                         &                         & (0.00)                  \\
Exports$_{t-1}$                                   &                         &                         & -0.00^{***}             \\
                                                  &                         &                         & (0.00)                  \\
Population (log)$_{t-1}$                          &                         &                         & 0.24^{***}              \\
                                                  &                         &                         & (0.09)                  \\
Real GDP per capita (log)$_{t-1}$                 &                         &                         & 0.07                    \\
                                                  &                         &                         & (0.05)                  \\
Electricity Consumption$_{t-1}$                   &                         &                         & 0.00                    \\
                                                  &                         &                         & (0.00)                  \\
Population Density$_{t-1}$                        &                         &                         & -0.00                   \\
                                                  &                         &                         & (0.00)                  \\
\midrule
Year dummies                                      & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Country fixed-effects                             & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Number of countries                               & 84                      & 84                      & 84                      \\
Adj. R$^2$                                        & 0.42                    & 0.42                    & 0.43                    \\
Num. obs.                                         & 2232                    & 2232                    & 2113                    \\
\bottomrule
\multicolumn{4}{l}{\tiny{$^{***}p<0.01$; $^{**}p<0.05$; $^{*}p<0.1$}}
\end{tabular}
\end{scriptsize}
\caption{Ciclicality of Electricity Losses in Autocracies and Democracies controlling for Electricity Sector Specific Measures of Enforcement Capacity}
\label{tab:capacity_elec}
\end{center}
\end{table}
